TDS / TCS (Income Tax) – Information & Resource Bank
Taxpayers, deductors or collectors can pay direct taxes through Authorised Bank branches either physically, through ATM or through internet. Type of Challans to be used for tax payments Challan Description ITNS 280 For depositing Advance tax, Self Assessment tax, Tax on Regular Assessment, Surtax, Tax on Distributed Profits of Domestic Company and Tax on Distributed income to…
Following are the common reasons for rejecting a correction statement: TAN is not valid as per data at TDSCPC Statement corresponding to regular token number / previous token number field, as given in correction return, does not exist Previous token number does not correspond to the last accepted correction statement at TDSCPC Correction is filed…
W. e. f. June 1, 2015, PAN & TAN application fees have been revised as under: 1. For dispatch of PAN card in India: Rs. 106 (inclusive of service tax). 2. For dispatch of PAN card outside India: Rs. 985 (inclusive of service tax). 3. For TAN applications: Rs. 63 (inclusive of service tax)
Deduct tax at source while purchasing property else, you’ll need to pay from own pocket with interest and penalty. On receiving a notice from the Income Tax Department, a client of Rajiv Jain, a chartered accountant, called him up and read out its contents. The letter asked the client, a chemical trader, to explain why…
At present, any person who is required to deduct tax at source (other than under Section 194IA) is expected to obtain a TAN and quote that TAN in the challan and the TDS statement that he is supposed to file. This is a cumbersome requirement-particularly to the individuals who acquire an immovable property from non-residents….
Below are the quick steps to generate TDS Certificate using TDSMAN Software: In TRACES Information menu 1. Request for Form 16A / Form 16 (Part A). 2. After 2 hours, go to Download Requested files to download the file. 3. Download PDF converted Utility to create PDFs. In PDF Converter Utility provide the path of…
What is Online Correction? TRACES has provided the functionality of “Online Correction” where deductor can perform correction of TDS/TCS statements online. Following are the various facilities available through online correction: View default summary Rectifying challan mismatch cases Addition of new challan to the statement Pay 220/interest/levy Add or Delete Salary Detail Rectifying statement challan information…
The following are the basic principles of TDS compliance: Deduction/ Collection of Tax at Correct Rates Timely Deposit of Tax Deducted at Source Accurate Reporting of data related to tax deductions/ collections made Submission of TDS Statements within the due dates Verification and Issuance of TDS Certificates within time CPC (TDS) is now sending “Intermediate…
CPC (TDS) has issued an advisory communication to all deductors stating that they should not wait for the last moment to submit their TDS statements for 4th quarter of Financial Year 2014-15. The issued communication has been given below: Dear Deductor, As you may be aware, the due date (May 15, 2015) for filing of…
One can avoid defaults in the TDS statements, by way of adherence to the following basic principles: Timely Payment of total taxes deducted/ collected Correct Reporting with regard to PANs, Tax Rate and Challans Complete Reporting for all Deductees Timely filing of TDS Statements Following are some important facts to be adhered to, while submitting…